Vietnam Newsletter - November 2024

Market Summary

In November 2024, the Vietnamese market witnessed transactions totaling around USD110m. Notably, the Energy & Utilities, Agriculture & Food, and Technology sectors were prominently involved:

• The Energy & Utilities sector featured a notable potential transaction where Philippines’ ACEN announced to acquire stakes of c. USD71m (49%) in Vietnam’s BIM Energy.
• The Agriculture & Food sector saw a large acquisition of 49% stakes in Hop Tri Investment Corporation by Summit Agro International Ltd.
• The Technology sector featured with ABB and DTP Education Solutions. USD3m+ investment in Vietnamese Edtech startup Dream Viet Education JSC.

Aggregate Deals Value = c. USD110m

This month's top deals

Energy & Utilities

‍Philippines’ ACEN spends c. USD71 million acquiring 49% at Vietnam’s BIM Energy:

ACEN Corporation, a leading renewable energy company from the Philippines, has acquired a 49% stake in Vietnam-based BIM Energy Holding Corporation for USD70.5 million. The deal, executed through ACEN’s affiliate ACEN Vietnam Investments Pte. Ltd. was formalized with Huntington Renewable Investments. This acquisition enhances ACEN’s project pipeline in Vietnam, where BIM Energy owns two operational renewable energy assets: the 405-MW Ninh Thuan Solar and the 88-MW Ninh Thuan Wind, both located in Ninh Thuan Province.‍

Shizuoka Gas to acquire shares in My Son-Hoan Loc Viet Solar Energy:

Shizuoka Gas Co., Ltd. agreed with Hoan Loc Viet JSC (HLV) to acquire a 25% stake in My Son-Hoan Loc Viet Solar Energy JSC (MSHLV), marking Shizuoka Gas's first venture in Vietnam. MSHLV, an affiliate of HLV, manages the 50MW Myson Power Plant in Ninh Thuan province, which has been operational since 2019.

Article link:

Philippines’ ACEN spends c. USD71 million acquiring 49% at Vietnam’s BIM Energy

Shizuoka Gas to acquire shares in My Son-Hoan Loc Viet Solar Energy

Agriculture & Food

Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Summit Agro International Ltd., part of Sumitomo, has acquired a 49% stake in Vietnam's Hop Tri Investment Corporation, a leading crop protection firm, and will rename it Hop Tri Summit JSC. While further deal details were not disclosed, Summit Agro highlighted that Vietnam, with a market size of USD971 million in 2023, is the second largest agricultural supplies market in Southeast Asia.

Article link:

Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Technology

‍Vietnamese edtech firm Kyna English raises funds from ABB, DTP Education:

Vietnamese edtech startup Dream Viet Education JSC, which operates the Kyna English learning platform, has raised over USD3 million in the first tranche of a new funding round. The capital was secured from Vietnam-based private equity firm Asia Business Builders (ABB) and DTP Education Solutions, as per regulatory filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).‍

Foodtech startup Kamereo secures fresh funding as part of Series B round:

Vietnam-based foodtech startup Kamereo has raised USD2.8 million from Sumitomo Corporation in its Series B round, with potential to raise up to USD8.2 million from other investors, according to filings with Singapore’s ACRA. These filings reflect only the equity funding received so far, and the overall round could include other components such as debt.

Article link:

Vietnamese edtech firm Kyna English raises funds from ABB, DTP Education

Foodtech startup Kamereo secures fresh funding as part of Series B round

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.